Fear not! Defining a target market doesn’t mean you’ll exclude people who don’t fit your criteria — it means investing your resources and speaking to a specific market that’s more likely to believe in your brand and buy from you.

This provides a cheaper, quicker and more effective path to reach, connect with and engage prospects. Consider your current customers:

Why do they buy from you? Which ones bring in the most business? What are some common characteristics and interests?

These are critical questions. Wouldn’t you like to replicate and multiply your top customers? As Internationally-renowned Business Advisor Mark Wardell says, “The better you understand your ideal customer, the faster your business will grow.”

Steps To Define Your Target Market

Business that aim at specific targets are far more likely to make direct hits. Here are some guidelines to help define and effectively target specific markets:

Step 1:
Determine Why Customers Would Want to Buy Your Product or Service

You need to capture what your products/services provide people or businesses. Outline each feature of your product or service, and list their benefits.

Here’s a quick exercise to help identify and rank what’s important to your customers.

Step 3:
Choose Your Segment(s)

After identifying and defining the possible audience segments within your target market, it’s time to choose a segment or multiple segments that promise to be feasible and profitable.

With this newfound knowledge and focus, you’ll have a better understanding of your ideal customer:

• What turns them on
• What turns them off
• Which words catch their attention
• What keeps their attention
• What makes them tune things out

Again, focusing on a niche allows you to compete effectively against larger competitors. And by studying who the competition is targeting, you may identify neglected groups.

Also, mind your marketing budget. It might not be realistic to pursue certain groups or regions if you don’t have adequate resources and funds. You can evolve by prioritizing segments, and going after new ones once you’ve successfully penetrated initial markets.

Brand and Market!

Now you can be better equipped to refine your branding and marketing, and get the right messages to the right people — who need, want and will invest in what you have to offer.

The alternative is to go blindly, without strategy. As Peter Irving, President of Concerto Marketing and market research expert states: “Creativity without understanding and direction, is art.”

Unlike art, Irving explained, marketing cannot be appreciated for its own sake — it is appreciated for what it delivers. So take the time to define and understand your ideal audience. It’ll arm you to choose wisely where you spend your time, resources and money, and allow you to better engage your targets.

This is bang on: “Defining a target market doesn’t mean you’ll exclude people who don’t fit your criteria — it means investing your resources and speaking to a specific market that’s more likely to believe in your brand and buy from you.”
I’m tired of clients who think they’re cutting sales out by focusing on certain groups. If you speak to everyone, no one listens.

This relates directly to the fact that most companies are affraid to position themselves correctly, or at all, in the first place. I’ve had clients say that they don’t want to be pigeon-holed, but when you think about it, choosing your pigeon-hole is choosing your brand. If you don’t define yourself, someone else will – how’s that for instilling fear in the executive team.
Great article Rick. Thank you for sharing.